Commercial Land with Restaurant
For Sale
$350,000
503 PALMETTO Street, Eustis, FL 32726
Commercial Sale, EUSTIS, FL
Property Size807 SF
Lot Size0.15 Acres
Price / SF$433.71
Days on Market138
Property Features for 503 PALMETTO Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MCR
Window features
Display Window(s)
Subdivision
EUSTIS HOGANS SUB
Directions
From E. Orange Ave, turn North onto Glover St., turn West onto Bates Ave, property is on the corner of E. Bates Ave AND Palmetto St.
Standard status
Active
APN
12-19-26-1300-00E-00012
Size
807 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
EUSTIS HOGAN'S SUB FROM SE COR BLK E RUN N ALONG E LINE OF SAID BLK E 723.09 FT FOR POB CONT N ALONG SAME LINE 92.01 FT TO A POINT THAT IS 120.81 FT S OF MOST N'LY COR BLK E W 60.4 FT TO NW'LY LINE BLK E SW'LY ALONG NW'LY LINE BLK E 55.78 FT S 63DEG 54MIN 30SEC E 52.5 FT S 3 FT S 63DEG 54MIN 30SEC E TO E LINE BLK E N TO POB PB 2 PG 33 ORB 773 PG 2459
Tax Annual Amount
1826
Legal Description
EUSTIS HOGAN'S SUB FROM SE COR BLK E RUN N ALONG E LINE OF SAID BLK E 723.09 FT FOR POB CONT N ALONG SAME LINE 92.01 FT TO A POINT THAT IS 120.81 FT S OF MOST N'LY COR BLK E W 60.4 FT TO NW'LY LINE BLK E SW'LY ALONG NW'LY LINE BLK E 55.78 FT S 63DEG 54MIN 30SEC E 52.5 FT S 3 FT S 63DEG 54MIN 30SEC E TO E LINE BLK E N TO POB PB 2 PG 33 ORB 773 PG 2459
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Amenities
picnic pavilion
Building Details
Year built
1970
Floors in Building
1
Flooring type
Concrete, Tile
Building materials
Block
Roof type
Metal
Additional Structures
Storage
Listing Agency:
RE/MAX PREMIER REALTY · RE/MAX International
(352) 735-4060
Listed By:
Rachel Rivera · License #3406593
(407) 230-0235
Added: May 27
Changed: Oct 9
Last Checked: Oct 11 at 6:06PM
MLS# G5112936
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This commercial land offering includes a former barbecue restaurant with cooking pits and a picnic pavilion. The recorded building is 807 square feet, was built in 1970, and has block construction, tile and concrete flooring, and a metal roof. Public water and sewer are available, along with electricity.
The property is at the corner of Palmetto Street and E. Bates Avenue in Eustis. The offering comprises three parcels sold together; the remarks identify two parcels as MCR-zoned and the third as Urban Residential, so zoning varies across the assemblage.
The property is at the corner of Palmetto Street and E. Bates Avenue in Eustis. The offering comprises three parcels sold together; the remarks identify two parcels as MCR-zoned and the third as Urban Residential, so zoning varies across the assemblage.
Key Highlights
- Three parcels offered together at the corner of Palmetto Street and E. Bates Avenue
- Existing barbecue restaurant, cooking pits, and picnic pavilion
- Recorded building size: 807 square feet; built in 1970
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,577
Cap Rate
3.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$251,540
$251.5K
Cap Rate 7%
$179,671
$179.7K
Cap Rate 9%
$139,744
$139.7K
Market Conditions
NOI Build-Up for 807 SF
Gross rent
$17.4K $21.60/SF
− Vacancy
−$662 −$0.82/SF
EGI
$16.8K $20.78/SF
− OpEx
−$4.2K −$5.19/SF
NOI
$12.6K $15.58/SF
Area
Lake County, FL
Vacancy
3.80%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$251,540
Cap Rate 7%
$179,671
Cap Rate 9%
$139,744
Alternative Uses
Best Use
Specialty Retail
$179.7K
$157.2K – $209.6K
NOI $12,577 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$229.6K
$200.9K – $267.9K
NOI $16,075 @ 7.0% cap · market cap 4.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
391
Businesses Nearby
4k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Family Dollar
Shops & Services
4,214 visits/mo
0.3 miles
Demographics for 32726, FL
23,012
Population
11,168
Households
2.1
Avg Household Size
45
Median Age
21%
College-Educated
88%
High-School Grad
11.5 sq mi
ZIP Area
2,001
Density / Sq Mi
$60,750
Median Household Income
$37,197
Median Earnings
$1,027
Median Rent
$230,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Commercial land - The site includes a former barbecue restaurant, cooking pits, and an outdoor pavilion.
Where is this commercial land located?
The property is located at 503 PALMETTO Street Eustis, FL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Three parcels offered together at the corner of Palmetto Street and E. Bates Avenue; Existing barbecue restaurant, cooking pits, and picnic pavilion; Recorded building size: 807 square feet; built in 1970
